Skip to main content
By

Budget funding, our biggest problem – Udoma

Funding is the greatest challenge the current administration is facing in implementing budgets, the Minister of Budget and National Planning Sen. Udoma Udo Udoma has said.
Speaking yesterday at the public presentation of the 2018 Appropriation Bill in Abuja, the minister told the stakeholders that the government is constrained in implementing key projects in the past due to the revenue shortfall.
“The primary problem of this country is revenue, what we have is revenue problem and that is why we are doing everything possible to increase our revenue collections.”
He said the federal government is expecting available revenue of N6.6 trillion for the year which is 30 per cent above the 2017 projection of  N5.0tr.
Udoma explained that the collection of the Value Added Tax (VAT) and Company Income Tax (CIT) will drop by 14 and 2 per cent respectively in 2018 compared to 2017.  He explained that in 2017 the government was able to collect the outstanding payments of the two taxes but there is no such provision in 2018 hence the reduction.
Majority of the of the projects in 2017 capital expenditure have to be rolled over to 2018 due to the paucity of fund, saying that 2017 capital budget was meant to be funded by loans from intentional development partners.
He said N450 billon released as at the 31st of October 2017 was only for the four month after passing the budget in May 2017.
 Minister of state for petroleum, Dr Ibe Kachukwu while fielding questions said FG will continue to explore oil in the Northeast because of its obligation to ensure that any part there is any visible sign of oil for exploration, it will follow through.
He noted that the contribution of oil to 2018 budgetary revenue expenditure expectation is almost 60%, “So a huge amount of responsibility still lies on oil.
Also the speaking, the Minister of finance Kemi Adeosun said issue of tax payer’s apathy must be addressed if the nation must move forward.
She said there are about 69million Nigerians currently working in one form of economic activity but only 14 million pay tax in the country.

Comments

Post a Comment

Popular posts from this blog

Zimbabwe latest: Defiant Mugabe makes first public appearance

By
Zimbabwe latest: Defiant Mugabe makes first public appearance Zimbabwe's President Robert Mugabe has made his first public appearance since the country's army took over on Wednesday. He attended a graduation ceremony in the capital, Harare. Mr Mugabe had been under house arrest for days. The army made its move after a power struggle over his successor. The military said on Friday it was "engaging" with Mr Mugabe and would advise the public on the outcome of talks "as soon as possible". Meanwhile Christopher Mutsvangwa, the leader of the influential war veterans' association, said Mr Mugabe should step down at once. He called for a huge turnout in street protests on Saturday. Live updates from Zimbabwe Five things you should know "We want to restore our pride and tomorrow is the day... we can finish the job which the army started, Mr Mutsvangwa said. "There's no going back about Mugabe. He must leave." Mr Mugab...
Post a Comment
Read more
By
Making Girl-child Education a Priority in Africa For 25 years, the Forum of African Women Educationists, a pan-African non-governmental organisation founded in 1992, has been promoting girls and women’s education in sub-Saharan Africa in line with the Education For All. Its Chairperson and first female Vice-Chancellor, University of Cape Coast, Ghana, Professor Nana Opoku-Agyemang explained to Funmi Ogundare its impacts so far, among other issues Gender discrimination is one of the primary impediments to education which affects boys and girls. However, in many parts of the world, girls are most often the victims as they pursue an education. For instance, for many African girls, five years of schooling is the most education they can expect and they are the lucky ones. Across the sub-Saharan region, almost 33 million girls roughly between the ages of six and 15 are not in school. 56 per cent of them may never have set foot in a classroom compared to 41 per cent of out-of-school...
Post a Comment
Read more

Sarah Sanders' absolutely unreal explanation of Trump's anti-Muslim video tweets

By
Sarah Sanders' absolutely unreal explanation of Trump's anti-Muslim video tweets Washington (CNN) On Wednesday morning,  President Donald Trump retweeted three videos purportedly showing Muslims committing acts of violence against Christians . He did so despite the fact that the videos came from a far-right, anti-Muslim group in Britain and remain unverified. Which is all beside the point, according to White House press secretary Sarah Sanders. "Whether it is a real video, the threat is real,"  Sanders told reporters Wednesday morning . "That is what the President is talking about, that is what the President is focused on is dealing with those real threats, and those are real no matter how you look at it." When pressed on the difference between the videos being real or fake, Sanders replied, "I'm not talking about the nature of the video. I think you're focusing on the wrong thing. The threat is real, and that's what the Preside...
Post a Comment
Read more